The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-09-25
A MAN WHO HANDLES MILLIONS.
Apparently Careless Methods in Car
rXing Around Securities.

apparently Careless Methods IN Car
rying Around Securities.
New YORK, Sept 24-When the ordinary
man thinks of the way in which money or
its equivalent, greenbacks and other negoti-
able securities, are made he has present be-
fore his vision bolts and bars for the ex-
clusion of burglars; armed guards to pre-
vent deliberate attack upon the vault
stern-featured men, who watch each other
like so many cats, carefully counting each
scrap of valuable paper, and lastly, a num-
Der of keen-eyed, invisible detectives,
watching them all to prevent collision.
When this untutored man thinks of how
these valuable securities are delivered to
their owners he has dim idea of a closed
cart, carefully locked, with guard beside
the driver and another at the rear.
Nothing could be further from the truth
| saw in a Broadway horse car one evening
not long since, a tall, fine-looking man ac-
coinpanied by a messenger boy. The latter
carried small package in strong, thick
paper bound with stout string. 1t might
have contained anything--a pair of shoes
was in it 800 bonds of the Missouri
Pacific Railroad which were being carried
in this apparently careless way to the house
of Mr. George Gould. That occurrence has
been repeated many times.
The man who thus carried openly large
fortune and had it within his power to han
die without restriction riches to such an
enormous amount that the sum contained in
the package was mere trifie in comparison
is the President of well-known bank note
company.
| had occasion to call upon him the other
day and questioned him as to the position he
occupied and the trust necessarily reposed
in him by wealthy men and corporations. |
was amazed TO learn that he had it in his
power to handle enormous sums of money
without being placed under any actual prac-
tical surveillance In one way and another
he had the access to securities amounting to
hundreds of millions OF dollars At times
there were in his possession negotiable secu-
rites the par value of which would amount
to more than $500, 900, 600
Besides these he had under his private
lock and key the plates from which the
bonds OF nearly all the prominent railroads
and corporations of the country could be
duplicated. Banks notes of nearly all the
countries of the American Continent passed
through his hands, and the means of re-
producing them were within his power. If
he desired to use this power he could for a
long time escape attracting any attention,
and before his crime could be discovered he
could have possessed himself of an enormous
fortune and have disappeared beyond the
reach of the law.
That such shrewd and wary fnanciers as
George Gould and Russell Sage, both of
whom are directors in this bank note com
pany, should placed so n,uch confidence in
one man seems startling at first thought, II
would appear to argue that they had an
amount of confidence in human nature that
| no one has yet supposed them to possess.
That corporations and governments should
place it within the power of one man to rob
them of startingiy large sums of money
| seems astounding But the fact is that there
is no choice in the matter. The bank note
business in this country is all conducted
in the same manner and the same conf
dence is reposed i'll the head of each con
Germ.
While the most careful safeguards are
placed about the minor employees, the head
of the company is almost entirely I'M
checked. While the employees are locked up
i'll the workshop, in case single piece of
paper used for bank notes or bonds should
be missing, until it is found, the President
carries about him the keys to safes contain
ing enormous amounts of money. His OPP
portunities are far greater for fraud than
are those of bank cashier or President, in
asmuch as the last two are always q checl,
upon each other, and the amount of money
at their disposal is never so greaj
The President in question laughed rs |
asked him how it happened that bust
ness of such magnitude should be con
Quoted in apparently such careless man
ner.
1.-THE position of President of such com
pany." he said, sis one of great honor in the
business world. No man would be given
such position whose probity was not thor
oughly known throughout business circles,
and whose character was not entirely with
out blemish. Such a man would accept the
position simply because of the honor IL
would reflect upon him The salary would
not by any means recofnpense him for the
worry and responsibility he iucurs That
being the case, he would not submit TO be
ing placed under checks or restricted in his
powers He is, of course, always prepared
with accurate statements Of bis business ar
fairs. when the directors Of the company re
quire them, but these are necessarily merely
nominal checks II would be an aijrOut 10
such man to suspect him of abusing his
powers, and he would not accept the posi-
zion if he had any reason % suppose that
his footsteps were being dogged by detec-
tives. That, however. would be the only
practical check upon him"
Yet, am told, there has never been "A
single instance in the history of bank note
companies in this country OF dishonesty on
the part Of the man IN whom this wonder
fil confidence " reposed. aithDuGn the pay
they receive is not at ell commensurate with
the enornity OF their trust Six Or seven
thousand dollars year IS all that is paid 10
a man who has the opportunity Of helping
himself 10 all the money he could ever pos
sihly use.
II is nevertheless appalling to think Of the
amount of damage a dishonest man IN such
a position could Do 10 the commercial inter
ests Of the country.
CHARLES J. RosgBAULT.
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